Reference no: EM131219188
Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below. PAT METHENY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $1,810 $1,100 Receivables 1,758 1,306 Inventory 1,583 1,901 Plant assets 1,905 1,690 Accumulated depreciation (1,208 ) (1,164 ) Long-term investments (held-to-maturity) 1,296 1,469 $7,144 $6,302 Accounts payable $1,211 $794 Accrued liabilities 213 233 Bonds payable 1,416 1,640 Capital stock 1,905 1,690 Retained earnings 2,399 1,945 $7,144 $6,302 PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales revenue $6,799 Cost of goods sold 4,696 Gross margin 2,103 Selling and administrative expenses 932 Income from operations 1,171 Other revenues and gains Gain on sale of investments 86 Income before tax 1,257 Income tax expense 536 Net income $721 Cash dividends 267 Income retained in business $454 Additional information: During the year, $74 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) PAT METHENY COMPANY Statement of Cash Flows For the Year Ended December 31, 2014 (Indirect Method) $ Adjustments to reconcile net income to $ $ $ LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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Prepare statement of cash flows using the indirect method
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